Financial Planners

Job Profile

• Meet with the client to estimate their financial resources and their financial goals.
• Devise specific interest and financial goals such as retirement plan, investing inheritance, buying a home etc.
• When working for clients with huge financial holdings they meet with their client’s accountants, trustees, investment banker, etc to get a complete picture of the client’s financial goals.
• Compile information detailing a client’s current income, investments, expenses, risk tolerance, tax returns , insurance cover, retirement, property holdings etc.
• Prepare a plan that meets the clients’ overall , or specific financial goals.
• Answer all the questions the client may have with respect to the plan.
• Spend a lot of their time in retirement planning, tax planning, estate planning and investment planning & risk management.
• Are prepared with skills in asset management, insurance, investments, retirement funds.

Salary/Package

A Financial Advisor with 1-4 years of experience earns an average total compensation of Rs. 2.5-3.15 lakh p.a. A mid-career Financial Advisor with 5-9 years of experience earns an average total compensation of Rs 4.90 lakh p.a. An experienced Financial Advisor with 10-19 years of experience earns an average total compensation of Rs 10-11 lakh p.a. In their late career, employees earn an average total compensation of Rs. 21 lakh p.a. The salaries may vary based on experience, skills, roles, location, etc.

Skills required

• Research interest
• Good interpersonal skills
• Good record keeping skills
• Problem solving
• Ability to take stress
• Good presentation skills
• Analytical
• Self starting

Pros and Cons of being a Financial Planner

Pros

• Offering Meaningful Planning/Advice
• Good Income Potential
• Work Schedule Flexibility
• Creativity in Practice Structure

Cons

• High Stress Industry
• Regulatory and Compliance Requirements
• Continuous Prospecting

How do I become one

Path 1

Std XII (Stream: Any) >> Graduation (Any discipline) >> Professional ((CFP)Financial Planning) >> Professional (Work Exp > CFP Exam > CFPCM Cert.) >> Goal (Financial Planner)

Path 2

Std XII (Stream: Sc/Com(Comp/Eco)) >> Graduation (B.Com/B.Eco/BFIA/BBA) >> Post Graduation (MBA/CA) >>  Professional (Work Exp > CFP Exam > CFPCM Cert.) >> Goal (Financial Planner)

• The complete academic course of the Financial Planning curriculum is in 5 Module CFPCM Certification Education Program through an Authorized Education Partner. Also pass the corresponding Exam 1-4 facilitated by NSE and then the CFP exam.

• Examination: CFP Exam or also called the Exam 5 based on module VI- Advanced Financial Planning.

• Experience: Regular Pathway candidates – 5 years personal financial planning Pre or post AFP exam. Challenge status pathway – 5 year personal financial planning experience before taking the AFP exam.

• There are two levels of certification – Advanced Financial Planners (AFP) and Certified Financial Planners (CFP).

• CFPCM Certification is awarded by Financial Planning Standards Board in India through its affiliates to competent & qualifying candidates fulfilling the 4 E Criteria of CFPCM Certification i.e. Education, Examination , Experience & Certification.

• Education: 5 modules of Financial Planning course and pass in the corresponding 1-4 exams of NSE.